Part of the new pressure Tumblr's feeling can be blamed on
fallout from Facebook's post-IPO stock-price plunge.

"VCs feel the urge [to monetize] more now that the economic
environment has changed," this person said. "Valuations have to
be justified now. Things are different. Before it was like, you
have a lot of users, that's great. Now it's like, okay, what are
we going to do with them."

While Gottfrid says he hasn't felt any heightened pressure
from the board, he agrees the post-Facebook environment has
shaken things up.

"I communicate with the board on a regular basis. I think they've
been pretty pleased with the progress," he says. "They have a
depth of experience that we're totally blessed with. But they
also have great patience and they've been through a lot of this
before. I think everyone is treated a little differently with
what happened with Facebook, but the patient people will still be
rewarded."

Sequoia Capital partner Roelof Botha tells us via email,
"It’s natural to start thinking more seriously
about revenue as Tumblr grows. We want to build an enduring
business, and that requires creating an advertising experience
that complements the community’s creativity and passion. We have
the patience to get it right because we believe it’s the
best approach for our users and the company over the long term."